The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1887-12-16

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WASHINGTON. Dee. 0-FolIow ing r. The
Rull tsxt Of President Clsvclaud's message
ernnsmiftsd 20 Congress to-day:
10 xus CoxGREsso on TuE UxkrEn SrAras
are confronted a tne threshold q Jour
oegssiarv< duties, Win > eonaIron - -
xArIoxAL ff<A<CE&
which impcrafivcly demands imncdiat. ANA
careful consideration Tbo amount 81 money
annually exacted. through the opera - q
s,fics 81 the people, largely exceed ths sun
necessary 70 meet the expenses q Ne Govern.
mcnt when Ne consider that the theory q
- selI . sn,oymsn, q xu al sns nuts o. kis industry
and enterprise, with only such dcductica
- may Be bis share to.srcs sns
or he e~pvcramens which. protects
ain. il II plain tnat the exaction q more than
eh,s i indefensihie extort,on, and : cair2p;e
wronr indicted upon those who bear The burden
OF National f~axation- like other wrones. mliu-
plies Z brood o. evil consequences xne punlie
conveying the peoples tribute 70 ~ iegtsImete
objects 81 expenditure. bccome1 noar1tnk-
place for money ncedlcs>iy witnarasn tt~m
National energies. suspendinx our counsrys
development. preventing investment ~ pro-
ductivc enterprise. threatening nnansia. 80
&|I|@A<-s
Tns~ condition cs our treasury 4 not al
tofe:her new: and y has more nan once q
tiycs in Congress- who alone can Apply =
remedy. And yet the situation still continues.
With neEravsted incidents. more tnan w.
disaster. II win not do 70 neglect this situation
because is dangers are not now paipably IN
minent and apparent Insy ex,s. none .nS
unexpected occasion when suddenly they VII
be prccipitateL upon us
On the 5oth day q June. ~. the excess o.
plying with the annual requirement q We
$inkinr Fund act. was tl7 s5t,s<5-St during the
yeer ended June 3 lsss snsn excess announces 5aes
-. 1sS-. il reached the sum Of <5s. 30 -sfa5t. Tho
annual contributions 70 the sinking fund dur
tns shs three ys; Y ,sSys sP ssea ana aa aeSaeses
from the surplus IS stated. were made ~ cali
fng In for that purpose outssandlnx tnrve psr
plus revenue had grown 90 large By
repeated accumuletions. that g was
fearrd the vttndr2xa, o. ,ns fsr =
Affect the business OF the country that the sum
Of m. s6k fOD Of such surplus was applied % the
payment o. I'M, the P snna. IA; ana oa ,1sssess 2 a ma
which were then payable AZ the option 81 ne
Government. The prccarious condition Of
e 1s,'s. =, ;mm ,ss,Es sTV sf;e 5n sh es ss9S s ssS' q aes june
Ies,, the remainder Of the three Per cent. bond.
then outstanding. amounting with principal
and Interest 20 the sum q e,zs.ss*vo .srs
9rihurion for the current fiscal rear. Notwith
standing these operations OF the Irca<ur,
Department representation o. distress a pns,
and absolute peril seemed 81 hand. In tncts
circumstances the contribution 70 the sinkinl
sSaa tes s1 1, s MT sso essa' ys,s 81 ~ .ss's z SIS sss:
In the purchase OF Government bonds not ye
due. bearing four and four and . half per cent
1~neerest- the premium paid tnerenpon exersz
and eight per cent. for the latter In addition
20 this the interest accruing during the curren
year upon he outstanding bonded indebted
ness OF the Government was 70 some extcn
anticipated. and banks selected ns depositorie
or puslic money were permitted 70 somcvha
increase tneir deposits
lease 70 the people the money lying idle in N
treasury. served 70 avert immediate danger
our surplus revenues have continued 70 ?:
amolnting on the first day Of December 70 ~
-. s01. 70. and stfnate 20 reach the sum q
$1,000 s.s g on The sn ssn q; ,Ia 2, ,s 59. ssn ns Ma :
90 prior accnmnlations will swell the surplu
IN the treasury 20 t1to. Ou,ooa.
There seems 70 be no assurance that VII
such q withdrawal from use OF the people
circui ting medium our business communif
may not IN the near future be subjcctc
% ne same distress which Va. quite lais :,
functions o. our National Treasury should l
few and simple. and while - best conditic
would Be reached, believe. % ~ enuss 2,
when. By . pcrvcrsion Of is purposes u ID
holds money usclc<sly subtr4cted from q
channels q trade. there seems % e re.s9n !
DC devised By the Government 70 restore In
enerxency. without waste or extravaganc
such money % its plsse among ne peep n,
NOW exists no clear and und0ubt|
executive power Of relief HERETOFORE 4
redemption q s a,,s PET !, cent sSs e Gsx rn wn'Sa * {
adorded ! mears for the disbursement Of 8
..e,ccss OF our revenue; hut these bonds h.
al ss s;s. F, az a, and ,se r. s az no 70 s1 sss. 2 !
rrirbf 70 insist upon. The contribution 20 Z
slnking fund, which furnishes the occasion |
sxpeniitnre n =; ,I par rs1,se, e q bonds q "a has x, n
q no outlet in that direction.
IN the present state OF legislation the on
pretcnse Of any existing executive Dover 70
sisfs in the superstition that the Secretary
che Treasury may enter ne marxss ara z
j.. = rate Of premium 20 be agreed upon.
enc only provision OF NV from which sucl
-rpoxrr could be derived y found n ~ approx
s'lo s. es,l P q sss . : 1umes' s &. ye i rs asn ,nse ~
- Temporary and limited N - application.
stead 81 conferring : continuing discretion Z
authority. NO EVUIlNlDA Nt*A< ~ &<--< !" -
would justify TIE grant o. power % 2 ein
ofncial upon hrs Judgment q - necessity
withhold from or release 70 the business %
people. In an unusual manner, money neia
the treasury. and thus AFFECT - his y
the financial situati0n o. the country: nn.
A y deemed wise 70 lodge IN the Sccrctar!
enc Treasury the authority 10 ne Pre.cnt W.
ore 70 purchase bonds 4 should be pial
vested. and provided, - IA - possible. =
anch cheeks and Limitations - wall deune
nm TAI r4rh, ana discretion. and q the q
n 10 relieve him Of undue responsibility.
m considering ne question q purcns,
<DJ1ds ~ . means o. restoring y c,tsu..
h surplus money accumuInxsnf " tns "a
-urr. 4 should Be- borne n mind that preml'
must Of course b paid upon sucn purcn
q : there may be : isrss Psss q me, M n n
chased . any price, and tnet 9
-~iiiins q yell. may unrcaeonl
>rrharce the cost Of such bonds 70 the Gov
Snrnf. II has been suggested that the pre-
bonded deDf mixht BE- refundcd - > less
Of interest," and the difference between nc
.nnd new security paid IN cash tnuz nndln1
Tor thc surplus n the treasury the sue
OF this plan q n apparent must depend I
9hc vohtion o. the holdcrS Of the pre-
rbonds. and 70 q not entirely certain tnnl
.fnduccmcut which must Dc oncrc1 them y
result IN more financial bcnent 70 tne 99s
-ment thar the purchase 81 bonds while w
Ter proposition would reduce the prtncip
che debt ~ actual payment, instead q ex'
'rne proposition % deposit ne noney be
49, U1rrrnmcuf m hank throughout the {